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THE END OF SARBOX?

  • The current global financial crisis nicknamed the “Bank-quake” raises some interesting questions.
  • What happened with the US Public Company Accounting Reform and Investor Protection Act of 2002 or commonly known as the Sarbanes-Oxeley Act/SARBOX/SOX ? Wasn’t it to prevent crisis like this? How could such a crisis happen with SARBOX in force? How could US banks under SARBOX become the international example of bad banking? Either its concept or its enforcement has failed. While ordinary corporations spent huge resources complying with SARBOX reporting requirements another type of party was going on in Wall Street. As Bulgarian peasants used to say: “Do what the priest says and not what the priest does”.
  • Does the King really have clothes?
  • Is the global financial boat streaming down to waterfall?
  • Some banks are coming forward like soldiers to the field doctor reporting a sexual discomfort and in an embarrassing disclosure who actually was at the sub-prime mortgage bordello.

September 2008

Valentin Braykov